Paradise Valley Home Sets Phoenix Price Record

Arizona’s luxury housing market hit a benchmark with a record-setting sale in Paradise Valley.

A 20,900-square-foot estate in the affluent Phoenix suburb traded for more than $40.2 million in an all-cash deal. It was the most expensive home sale in state history, the Phoenix Business Journal reported. The transaction eclipsed the previous record of $33.5 million set in February 2025. The listing was held by Christie’s International Real Estate’s Katrina Barrett, who also handled the previous record-setting sale.

The 2-acre property at 5531 East Mockingbird Lane hit the market in April for $40 million. The buyer’s identity was not disclosed, and Maricopa County records list the buyer as PRH5 LLC, a Delaware entity tied to an address near Houston, Texas.

The estate was designed by Candelaria Design and built by Arcadia Custom Builders on speculation. Massive homes on large lots like these have become more common in the area as more luxury developers sink their teeth into Paradise Valley, Scottsdale and Arcadia, and more $30 million-plus properties hit the market.

Amenities at the Mockingbird Lane estate include a 38-car garage, an underground go-kart track, a gun range, a salon and spa, a detached guest house and a casita.

While home prices across the Phoenix metro have largely flattened over the past 18 months, demand at the top end is resilient, fueled by cash-rich buyers relocating from out of state. Homes in the metro’s highest-priced quartile have appreciated 6.2 percent year over year, compared to those in lower-priced portions of the market seeing changes between 0 and 1.9 percent, according to Homes.com.

Barrett, the listing agent, said $2,000 per square foot is becoming “the new standard” for top-tier homes.

It’s possible the Mockingbird Lane home could hold the record for a short time. Developers are already planning 5-acre estates near this one expected to list between $45 million and $50 million.

— Chris Malone Méndez